With spring home-buying season ramping up and summer just a short distance away, it leads sellers to wonder, what are home shoppers looking for this season? We have the answers for you right here... and they're probably not all too shocking. This season the average homebuyer is looking for a 3 bedroom, 2 bath home with an updated kitchen and garage.
Why this you might ask? First off, it's no secret that, with rising rents, more Millennials are beginning to look into buying. If you follow us, then you know we've touched on that a lot here. Millennial renters are becoming buyers. However, there is also another demographic that makes up an important part of the home-buying market and that is the 55+ community. Yes, most of them are staying put due to their current tax basis, yet some are still downsizing. The 3 bed, 2 bath home is perfect for the growing, young, Millennial family and for the downsizing baby boomer.
Buyers also want space. Having more than one bathroom and a good sized garage are key to most homebuyers. 93 percent of respondents said they are looking for at least two bathrooms and 27 percent said the garage was one of the most important home features, just ahead of an updated kitchen!
That aside, there are some differentiations between the two groups when it comes to value. The younger buyer demographic responded that fulfilling immediate family needs was their top priority in purchasing a home, while buyers ages 55+ listed privacy as the most important value to buying a new home.
If you're a seller who owns a 3 bed, 2 bath house in a private location with an updated kitchen and a spacious garage - you have the winning lotto ticket in this incredibly tight market. With inventory so low, it's no doubt that most homes are going to have a buyer for them. The pickings are just so slim, not all buyers can afford to be so picky. However, if your home has one of these features consider yourself one leg up on the totem pole.
That's not to say that sellers who don't have upgraded kitchens should go spend thousands of dollars remodeling their kitchens. You'll never get the return on that investment. However, what it does tell us is that if your kitchen is drab, it may behoove you to buy some paint and some new fixtures and do a little sprucing. Repainting your kitchen cabinets, changing out older drawer pulls and fixtures like your sink faucet, and switching out a dull light fixture for a newer, trendy pendant or chandelier can go a long way without costing you a fortune.
Author:Kurt Galitski Phone: 714-957-6677 Dated: April 23rd 2018 Views: 77 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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